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House Journal: Page 278: Wednesday, February 7, 1996

41   tract of agricultural land shall be the amount the tax
42   levied for the general school fund exceeds the amount
43   of tax which would be levied on each eligible tract of
44   agricultural land were the levy for the general school
45   fund five four dollars and forty fifteen
cents per
46   thousand dollars of assessed value for the previous
47   year.  However, in the case of a deficiency in the
48   family farm tax credit fund to pay the credits in
49   full, the credit on each eligible tract of
50   agricultural land in the state shall be proportionate

Page 2  

 1   and applied as provided in this chapter.
 2     Sec. 106.  Section 425A.5, Code 1995, is amended to
 3   read as follows:
 4     425A.5  COMPUTATION BY COUNTY AUDITOR.
 5     The family farm tax credit allowed each year shall
 6   be computed as follows:  On or before March 1, the
 7   county auditor shall list by school districts all
 8   tracts of agricultural land which are entitled to
 9   credit, the taxable value for the previous year, the
10   budget from each school district for the previous
11   year, and the tax rate determined for the general fund
12   of the school district in the manner prescribed in
13   section 444.3 for the previous year, and if the tax
14   rate is in excess of five four dollars and forty
15   fifteen cents per thousand dollars of assessed value,
16   the auditor shall multiply the tax levy which is in
17   excess of five four dollars and forty
fifteen cents
18   per thousand dollars of assessed value by the total
19   taxable value of the agricultural land entitled to
20   credit in the school district, and on or before March
21   1, certify the total amount of credit and the total
22   number of acres entitled to the credit to the
23   department of revenue and finance.
24     Sec. 107.  Section 426.3, Code 1995, is amended to
25   read as follows:
26     426.3  WHERE CREDIT GIVEN.
27     The agricultural land credit fund shall be
28   apportioned each year in the manner hereinafter
29   provided in this chapter so as to give a credit
30   against the tax on each tract of agricultural lands
31   within the several school districts of the state in
32   which the levy for the general school fund exceeds
33   five four dollars and forty fifteen cents
per thousand
34   dollars of assessed value; the amount of such credit
35   on each tract of such lands shall be the amount the
36   tax levied for the general school fund exceeds the
37   amount of tax which would be levied on said the
tract
38   of such lands were the levy for the general school
39   fund five four dollars and forty fifteen
cents per
40   thousand dollars of assessed value for the previous
41   year, except in the case of a deficiency in the

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 2)

© 1996 Cornell College and League of Women Voters of Iowa

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Last update: Mon Feb 12 10:55:03 CST 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/00200/00278.html
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